A Boralex’s Subsidiary, Forces Motrices Batiscan Files an Application for Leave to Appeal to the Supreme Court of Canada

Montréal, Quebec, January 29, 2004 - Forces motrices Batiscan inc., a subsidiary of Boralex Inc. (TSX, BLX.A), or the "Corporation," announces that today it is filing an application for leave to appeal to the Supreme Court of Canada of November 1999 decision to revoke a certificate of approval issued by the ministère de l’Environnement du Québec for the construction and operation of a 9.7 MW hydroelectric power station on the Batiscan River.

This decision is intended mainly to protect the rights of Forces motrices Batiscan to go ahead with this project, in the face of conflicting decisions handed down by the courts so far.

The application is being made following to the decision handed down by the Quebec Court of Appeal on December 1st, 2003, in favour of the Minister of the ministère de l’Environnement du Québec, maintaining the revocation of the certificate of approval.

Forces motrices Batiscan was initially granted the certificate of authorization in question for a project developed in compliance with the Quebec's environmental standards. Developed in partnership with the Complexe écotouristique de la Batiscanie, this project was warmly received by the local population, municipalities and various social agencies at a public consultation on September 21, 1998. Furthermore, building this power station would be in line with the goal of regional tourism and economic development.

Boralex focus on four types of power generation: hydroelectric power, thermal or cogeneration power from natural gas or wood residue and wind power. These are all fields where Boralex has developed proven expertise and they are all centered on green energy. It employs more than 240 workers and owns seventeen power stations located in Québec, the United States and France, with an installed capacity of more than 240.0 MW, as well as an urban wood processing and recycling centre in Montréal. In addition, the Corporation holds a 23% interest in Boralex Power Income Fund which owns ten power stations in Québec and the United States with an installed capacity of close to 191.0 MW. Management of the Fund‘s assets is provided by Boralex. (www.boralex.com)

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For further information, please contact:

Mr. Claude Audet
President and Chief Operating Officer
Boralex Power Inc.
Telephone : (514) 284-9890
Fax : (514) 284-9895
E-mail : caudet@cascades.com